With the aging baby boomer population, there has been an increase in the number of inquiries from licensees and the public with respect to the practices of sole practitioners who have died or become incapacitated.
When the death or incapacity of a practitioner occurs, several key issues arise including who will take control of client records and who will assure their safekeeping during the winding down of the practice.
Unfortunately if the proper plans have not been put in place by the practitioner it often leaves clients without their records and family members left unsure how to deal with the practice, records and potential liability.

When situations like this have occurred, the Board of Accountancy is often caught off guard with respect to appropriate advice to the client or the practitioners family members.

While some State Boards have enacted rules related to the death or incapacity of a licensee, the Nevada Board found that it was difficult to administer this type of requirement for licensure reporting.
Many Boards similar to Nevada have asked NASBA for additional information on this topic. Working together with the AICPA, NASBA recently finalized the Practice Continuation Agreements: A Practice Survival Kit .

The Nevada Board encourages sole-practitioners to review this helpful document and prepare for the future of their practice.